Metals Rally Snaps as Traders Go on Selling Binge

The gold selloff intensified while silver’s year-to-date gains were wiped out, as traders unwound their bets and the precious-metals rally unraveled at breakneck speed.

The domino effect of the drop in gold and silver spread across markets.

The domino effect spread across markets, pushing U.S. futures lower, Marc Perrier reported for Bloomberg News.

Bitcoin also wobbled early Monday, flirting with its lowest level since Donald Trump returned to office. In corporate news, Oracle plans to raise up to $50 billion this year to expand cloud infrastructure capacity.

Elsewhere in tech, Nvidia CEO Jensen Huang said the company’s proposed $100 billion investment in OpenAI was “never a commitment” and that it would invest “one step at a time.”

Waymo is seeking about $16 billion in financing that would value Alphabet’s autonomous-driving unit at nearly $110 billion, according to people familiar with the matter.

Meanwhile, House lawmakers are returning to Washington today to pass a funding deal Trump worked out with Democrats last week.

Approval would fund the Department of Homeland Security for two weeks and the rest of the government through Sept. 30.